TORONTO (Standard&Poor's) May 15, 2006--Standard&Poor's Ratings Services today said it assigned its 'BBB+' debt rating to Telus Corp.'s proposed C$300 million senior unsecured notes due 2013. At the same time, Standard&Poor's affirmed its existing ratings on western Canada-based Telus, including the 'BBB+' long-term corporate credit rating. The outlook is stable. Total lease-adjusted debt at March 31, 2006, was C$6,942 million. Proceeds from the debt offering will be used to repay amounts outstanding under the company's existing credit facility and/or to allow the early termination of certain cross-currency swap agreements with certain of the lenders under the 2005 credit facilities. The offering is aimed at partially refinancing the company's US$1.2 billion senior unsecured notes maturing
